FAQ on section 80D of Income Tax Act
1. When can deduction be claimed u/s 80D of Income tax Act?
Deduction u/s 80D of Income tax Act can be claimed on payment of medical insurance premium.
2. Which assessees are eligible for deduction?
Deduction can be claimed only by individual and HUF.
3. Can an individual pay medical insurance premium for spouse and claim deduction?
An individual can claim deduction in respect of premium paid to keep in force insurance on the health of self, spouse, dependent children and parents.
4. So, deduction can not be claimed if medical premium is paid for Grand Father?
Yes, deduction can not be claimed if payment is made for insurance taken on health of Grand Father.
5. How can HUF claim deduction?
HUF can claim deduction if it pays medical premium for insurance taken on health of any of its member.
6. What about preventive health checkup?
U/s 80D deduction can also be claimed in respect of payment made for preventive health checkup upto Rs 5,000/-
7. What is the limit of deduction u/s 80D?
For AY 2017-18 -
Individual can claim deduction of upto Rs 25,000/- for payment of medical insurance premium for self, spouse and dependent children. And, HUF can claim deduction of upto Rs 25,000/- for payment of medical insurance premium for any of its members.
An individual can claim addition deduction of Rs 25000 if he pays medical premium for his parents
However deduction upto Rs 30,000/- can be claimed if any of them are senior citizens.
7. I paid medical insurance premium and preventive health checkup fees in cash, will I get deduction?
Medical insurance premium can be paid in any mode other than cash. So, deduction can not be claimed if it is paid in cash.
However payment for preventive health checkup can be made in cash.
No comments yet, be first to comment.
You need to be logged in to comment.
- Download Advance Tax Calculator in MS Excel
- Benami property transactions act in simple language
- Cryptocurrencies and Tax - A guide on taxation on Bitcoins in India
- Cash limits and penalties under Income Tax Act
- Late filing fee and penalty on delay in filing Income Tax return
- How to calculate income tax on house rent?
- How to file income tax return for salaried employee using ITR-1
- Tuition fee and child education allowance exemption under section 10 and 80C
- Income Tax calculator and slab rates for FY 2017-18 (AY 2018-19)
- Property purchase declaration
- ITR1 FILING
- Adsense income can be claimed under section 44AD or 44ADA?
- e-filing form is in hindi
- Name on Pan card as per pan card no
- GST received / paid in ITR3 P&L
- Income tax return of school
- CASH TRANSACTION
- 44ADA is applicable to which professions?
- Case against CA firms for wrong wrong balance sheet for taking loan
BUY DSC FOR MCA, IT AND GST
Experience KnowyourGST services. Apply for DSC and get it on same day. We promise fastest delivery of your DSC.
Whatsapp - 73386 33003
Telegram - @knowyourgst
Contact us on Whatsapp and Telegram number 7338633003 for quick reply.